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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #101,281
  • Sep 5, 2011 2:18pm Sep 5, 2011 2:18pm
Quoting ColdLogic
Keeping an eye on two charts at the moment, AUD/CAD, for potential short, which was posted earlier so I'm not gonna repost. And other is GBP/NZD which is moving towards a key area to short...
No surprise where eurnzd stalled. Can we get PA to go short come 1.7108?
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  • #101,282
  • Sep 5, 2011 4:31pm Sep 5, 2011 4:31pm
Quoting Dan Gilbert
Been a long time since I posted on here. Current trade I'm in. Other than that, not a lot happening. Had a couple -0.5R losses before this one (trying to trade the yen is not fun lol), hopefully it works out


EDIT: pair in picture is USDCHF
had to shut that one^^^ down @ B/E... was acting way too sketchy, and seems like the USD bears aren't done yet lol... holy moly....
Many choose unhappiness over uncertainty.
  • #101,283
  • Sep 5, 2011 4:56pm Sep 5, 2011 4:56pm
See the blue zone for the lows you're trading into.

Quoting trader_dscha
Good evening,

fifth down day in a row. Nice h4 pin bar at a good location. Will give it a try here (small size). Primarily looking for a gap fill

Regards,
David.
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  • #101,284
  • Sep 5, 2011 5:51pm Sep 5, 2011 5:51pm
Quoting supremeChaos
hello BigJay,
i believe u are referring to ForexTester.
MT4 has a built in one , u can try that too.
in MT4, u can also scroll back then use/press F12 so u scroll one bar/candle forward at a time.

welcome & hope to see u posting soon!
Thx SC for ur reply it's a great software i installed it and started my tests. i recommend it for all the newbies. i use the MT4 but u can cheat when testing by sliding the charts a little bit more and checking the candles but with this one the candles are just not there Thx again. Just a side note i have shorted the eurusd at the beginning of the last trend after the spinning top and the black confirmation candle i waited for 1 more candle to break the TL i have drawn. Now i'm +300 pips aiming for the 1.4000 level where my TP is.

Regards
Big Jay
Plan your Trade, Trade your Plan
  • #101,285
  • Sep 6, 2011 12:02am Sep 6, 2011 12:02am
supremeChaos, Thanks for the reply & I will do.

With consolidation, my plan is to look for PA off of the support/resistance of the "consolidation box" or wait for a break then a retrace & look for PA to confirm that the break is a real break. You wouldn't happen to have any consolidation pointers handy...would you?

Thank you.
  • #101,286
  • Sep 6, 2011 3:18am Sep 6, 2011 3:18am
No surprises that the EURCHF came back to the breakevens for the weekly pin traders...before moving up 1100 pips....
  • #101,287
  • Sep 6, 2011 3:24am Sep 6, 2011 3:24am
Quoting the_wizard
No surprises that the EURCHF came back to the breakevens for the weekly pin traders...before moving up 1100 pips....
James16 probably missed the move the first time, wanted a favorable price again.

Not fair James

lol



g.
I believe . . .
  • #101,288
  • Sep 6, 2011 3:57am Sep 6, 2011 3:57am
Quoting the_wizard
No surprises that the EURCHF came back to the breakevens for the weekly pin traders...before moving up 1100 pips....
Whats the solution?

Similar events on the Gold PB few days back.
  • #101,289
  • Sep 6, 2011 4:29am Sep 6, 2011 4:29am
Wow look at that EURCHF move, wonder if SNB can defend their self declared 1.20 floor limit
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #101,290
  • Sep 6, 2011 4:48am Sep 6, 2011 4:48am
they electronically create those francs in unlimited amount. It's not a problem of ability, it's a problem of willingness.

ability wise, they can defend that level till kingdom come; obviously, while importing EZ currency risk(they have to buy a boatload of euros, with it's inherent problems).

p.s. - and beware extreme volatility next hours in everything
  • #101,291
  • Sep 6, 2011 8:14am Sep 6, 2011 8:14am
now we're moving. Good old James16
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  • #101,292
  • Sep 6, 2011 8:30am Sep 6, 2011 8:30am
Here a a couple of positions I took on USD/CHF and CHF/JPY.

Looked to me like they were setting up with fairly nice reversal bars, although not perfect.

I am trading the tiniest of lot sizes on Oanda, but trading real money is the only way I could prevent myself from always "going all in," like I was a tourist in Vegas or something.

Anyway, the stop losses at the ends of these pin bars were giant for me... literally, I'm already trading lot sizes in the 500 unit range....hahahaha

So I took the USD/CHF long on a retrace of the pin bar so I could have a smaller SL.

The CHF/JPY I entered on the standard break of the pin bar, with a SL about 15 pips above its peak.....over 200 pips away.......

As you can see, I bailed on these very quickly....but it's because I live in a time zone and have a schedule that prevents me from watching the markets live to adjust SLs and TPs along the way.

On the USD/CHF, since I was playing a retrace, I entered a TP just above the break of the pin bar....so if it just made it back to that resistance level I would already be in profit.

With the CHF/JPY I entered a somewhat more traditional TP at a BRN of 95, the first level of legit support I expected it to hit while I was asleep.

With my tiny account size, these 2 trades and their respective premature take profit levels still increased my account by 4%.

I hope some of you guys were able to get in and work this trade correctly, as the legit exit points of S/R had some nice legs in them.
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  • #101,293
  • Sep 6, 2011 9:17am Sep 6, 2011 9:17am
it's a one in... 20 years move(though they tend to be monthly nowdays)...

it's not a correct or incorrect way in such cases. I read the headline that they've pegged at 1.2, saw it's trading at 1.14x, bought at market over my normal position by quite a lot.

They just announced they'll print till 1.2; was under 1.2; all you had to do was buy - was risk free(and that's almost non existent). Went to make a coffee, came to see more then I did in last 2 months...

But it was nothing smart... And if you say you don't watch the market, you couldn't reasonably have expected a 8% move in... err, think it was under 20 mins(times goes slowly when your position is bigger).

The only question you should query yourself is if the risk was worth the target(not necessarily r:r, but the risk per se - it's ~1k pips - especially with small acct. size, it's very hard to scale for such volatility). Otherwise, probably your trade was perfectly correct; the levels you couldn't have guessed anyway - it was all correlated to eur/chf rate(the object of the peg). Hence the nice opportunity to short eur afterwards. And the rate was perfectly arbitrarily set at 1.2.
  • #101,294
  • Sep 6, 2011 9:35am Sep 6, 2011 9:35am
I was in a trade for 1 minute. The setup was off WEEKLY chart.
How cool is JAMES16 style of trading huh?
Awesome!!!

http://www.forexfactory.com/attachme...1&d=1315014932
http://finviz.com/publish/090611/ANc0wl1032.png
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  • #101,295
  • Sep 6, 2011 9:36am Sep 6, 2011 9:36am
Quoting snowly
it's a one in... 20 years move(though they tend to be monthly nowdays)...

it's not a correct or incorrect way in such cases. I read the headline that they've pegged at 1.2, saw it's trading at 1.14x, bought at market over my normal position by quite a lot.

They just announced they'll print till 1.2; was under 1.2; all you had to do was buy - was risk free(and that's almost non existent). Went to make a coffee, came to see more then I did in last 2 months...

But it was nothing smart... And if you say you don't watch the market, you couldn't...
Thanks for the explanation. Came here to try to figure out what happened.
  • #101,296
  • Sep 6, 2011 9:45am Sep 6, 2011 9:45am
Quoting Adilius07
I was in a trade for 1 minute. The setup was off WEEKLY chart.
How cool is JAMES16 style of trading huh?
Awesome!!!

http://www.forexfactory.com/attachme...1&d=1315014932
http://finviz.com/publish/090611/ANc0wl1032.png
That's a good looking trade. Playing the gaps on daily/weekly is a strategy on its own.
  • #101,297
  • Sep 6, 2011 10:53am Sep 6, 2011 10:53am
Quoting Adilius07
I was in a trade for 1 minute. The setup was off WEEKLY chart.
How cool is JAMES16 style of trading huh?
Awesome!!!

just gotta keep it simple, it's the keys to success

best
Mike
  • #101,298
  • Sep 6, 2011 11:33am Sep 6, 2011 11:33am
http://i6.photobucket.com/albums/y240/Caesar95/test.gif

Look like a good potential pinbar to go short if it continues to look like this after closing
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #101,299
  • Sep 6, 2011 11:40am Sep 6, 2011 11:40am
Quoting Caesar95

Look like a good potential pinbar to go short if it continues to look like this after closing
Hey Caesar

Just be careful here this is a BEOB, since it has a higher high and lower low then previous bar with the close(for now) near the low. We want these traditionally speaking at swing highs. Although They can of course be played else where I just always caution to learn them the traditional place. Further downside wouldn't surprise me though

Best
Mike
  • #101,300
  • Sep 6, 2011 11:42am Sep 6, 2011 11:42am
Quoting mbqb11
just gotta keep it simple, it's the keys to success

best
Mike
Thanks Mike!
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